Alibaba to invest more in travel and entertainment after $13.4bn listing.
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Apollo Global Management agreed to acquire Tech Data, a wholesale distributor of technology products, for $5.4bn. Through the agreement, the affiliate of the Apollo Funds will acquire all of the outstanding shares of Tech Data common stock for $130 per share.
Following the close of the transaction, Tech Data will become a privately held company, and Tech Data’s common shares will no longer be publicly listed.
“Through this investment, we are committed to expanding Tech Data’s position as a trusted partner to the world's leading technology vendors while providing best-in-class customer service. As a private company with our sponsorship and a strong balance sheet, Tech Data will have significant financial and strategic flexibility to drive growth going forward,” Matt Nord, Apollo Private Equity Co-lead Partner.
Apollo Global Management is advised by Barclays, RBC Capital Markets, Citigroup, JP Morgan, Wells Fargo Securities, Paul Weiss Rifkind Wharton & Garrison, Wachtell Lipton Rosen & Katz, and Rubenstein Associates. Tech Data is advised by Bank of America Merrill Lynch and Cleary Gottlieb Steen & Hamilton.
Brazil’s antitrust regulator said it will reassess Walt Disney Co’s $71bn purchase of Twenty-First Century Fox, because of the divestiture requested by the regulator as a condition for the merger of US media companies has not happened yet.
“The deal approved in February was contingent on the sale of the Fox Sports channel. As the sale was not finalized, the case will be re-examined,” the regulator known as ‘Cade’ said in a statement.
The regulator said it requested the sale of Fox Sports to maintain the same level of competition in the Brazilian market after the deal, with three different sports options: SporTV, ESPN, and the service provided by a new company with the Fox assets.
Centerview Partners, Deutsche Bank, Goldman Sachs, Talwar Thakore & Associates, Allens, Allen & Overy, Cleary Gottlieb Steen & Hamilton, Hogan Lovells, Simpson Thacher & Bartlett and Skadden Arps Slate Meagher & Flom advised Twenty-First Century Fox. Guggenheim Partners, AZB & Partners, JP Morgan, Cleary Gottlieb Steen & Hamilton, Covington & Burling, Cravath Swaine & Moore, Herbert Smith Freehills, Fangda Partners, King & Wood Mallesons, Slaughter & May, and Macfarlanes advised Walt Disney. Citigroup and Goldman Sachs provided debt financing. Debevoise & Plimpton and Weil Gotshal and Manges advised the debt providers.
Mylan and Pfizer, two multinational pharmaceutical companies, announced that the name of the new company to be formed by the planned combination of Mylan and Upjohn, a division of Pfizer, will be Viatris.
Formed through a combination of two highly complementary businesses, Viatris will unite Upjohn's strong leadership position in China and emerging markets with Mylan's significant presence in the US and Europe, allowing the new company to have a meaningfully expanded geographic reach for Viatris' broad product portfolio and future pipeline.
Mylan is advised by Centerview Partners, PJT Partners, Cravath Swaine & Moore, Stibbe, Wilson Sonsini Goodrich & Rosati, Fangda Partners, NautaDutilh and Sard Verbinnen. Pfizer is advised by Goldman Sachs, Guggenheim Partners, Davis Polk & Wardwell, De Brauw Blackstone Westbroek and Wachtell Lipton Rosen & Katz. Goldman Sachs is advised by Sullivan & Cromwell.
Compagnie de Saint-Gobain, which designs, manufactures, and distributes materials, agreed to acquire Continental Building Products, a manufacturer of gypsum wallboard and complementary finishing products, for $1.4bn.
The transaction is subject to customary closing conditions, including approval by Continental stockholders and required antitrust approvals.
"During the quarter, we generated significant cash flows from operations and demonstrated the strength of our low cost, highly efficient operations. Sales volumes improved in the quarter, and we continue to be encouraged by strengthening demand in the new home construction market. We remain laser-focused on our Bison Way efforts and continue to invest in high-return capital projects to ensure that we are well-positioned to provide exceptional value to customers for years to come. I want to thank all of our associates for their hard work and contributions to our achievements and success," Jay Bachmann, Continental Building Products President, and Chief Executive Officer.
Continental Building Products is advised by Citigroup, Gibson Dunn & Crutcher, Gasthalter & Co. Compagnie de Saint-Gobain is advised by Lazard, Morgan Stanley, and Cleary Gottlieb Steen & Hamilton.
Elon Musk admitted that Tesla's 2016 takeover of SolarCity, the struggling solar sales-and-installation business he co-founded with his cousins, was a mistake, Bloomberg reported.
"At the time, I thought it made strategic sense for Tesla and SolarCity to combine. Hindsight is 20-20. If I could wind back the clock, you know, I would say probably would have let SolarCity execute by itself," Elon Musk.
SolarCity was advised by Lazard and Skadden Arps Slate Meagher & Flom and Joele Frank. Tesla was advised by Evercore and Wachtell Lipton Rosen & Katz.
Digital Colony, the global digital infrastructure investment platform of Colony Capital, agreed to acquire Beanfield Technologies, an independent bandwidth infrastructure provider in Canada serving the enterprise, carrier and multi-dwelling units markets. Financial terms were not disclosed.
“As our customers require more bandwidth and faster speeds, our goal is to not only meet their increasing needs but also find new ways to support them with access to additional resources and Digital Colony’s vast experience in indoor and outdoor small cells. We are extremely happy to partner with Digital Colony. Their support, guidance and sector expertise will be key assets as we enter new markets and verticals, and broaden our carrier, commercial and large-scale residential customer base,” Dan Armstrong Founder and CEO.
Digital Colony is advised by Davies Ward Phillips & Vineberg and TD Securities. Beanfield is advised by DLA Piper and The Bank Street Group.
Cerberus Capital Management, an alternative investment company, completed its acquisition of Kellermeyer Bergensons Services, a provider of technology-enabled, integrated facility management services, from GI Partners, a private investment firm. Financial terms were not disclosed.
“This is an exciting opportunity to partner with a market-leading business supported by a tech-enabled platform. With its full suite of solutions and leading technological capabilities, KBS has become the partner of choice for customers in the facility services industry. We believe there are attractive opportunities ahead for the Company and look forward to working alongside Mark and the talented KBS team to further build on its success,” Robert Warden, Cerberus Co-Head of Private Equity and Senior Managing Director.
Simpson Thacher & Bartlett and Sard Verbinnen & Co advised Cerberus. Chris Tofalli and Moelis & Co advised GI Partners.
RDD Pharma, a company focused on orphan and innovative therapies for gastrointestinal disorders, agreed to acquire Naia Rare Diseases, a biopharmaceutical company developing drugs for Short Bowel Syndrome and other rare gastrointestinal diseases. Financial terms were not disclosed.
Closing of the transaction is anticipated to occur after the consummation of the proposed merger of RDD and Innovate Biopharmaceuticals, which will form a combined company intended to be named 9 Meters Biopharma. In exchange, Naia will receive a combination of cash and shares in 9 Meters Biopharma subject to the closing of the combined company.
"Combining the pipelines of RDD, Innovate and Naia Rare Diseases into 9 Meters Biopharma would create a next-generation gastroenterology company focused on developing treatments for unmet needs in specialty, rare and orphan indications. From Naia's drug candidates to the first-ever Phase 3 registration trial in celiac disease, we expect multiple value-creating inflection points over the next 24 months," John Temperato, RDD CEO.
RDD is advised by Wyrick Robbins Yates & Ponton LLP and Shibolet & Co. Naia is advised by Dorsey and Whitney.
AE Industrial Partners-backed BHI Energy, a maintenance and specialty services provider, agreed to acquire Plaska Transmission Line Construction, a fully licensed electrical contractor providing distribution, transmission, and storm restoration services. Financial terms were not disclosed.
"The acquisition of Plaska allows BHI to geographically expand our transmission & distribution service offerings, delivering optimal solutions and greater value to our clients. Plaska has a superior reputation for dependable electrical contracting and major development projects and is well-known for its commitment to safety, quality, customer service, and employees. By partnering with the Plaska team, we are confident we can build on their tradition of excellence and grow our overall suite of service offerings," Bob Decensi, BHI CEO.
Crowe, Akerman and Blicksilver Public Relations are advising the buyers.
A-1 National Fire, a subsidiary of Summit, a fire, and life safety company, agreed to acquire Mac Systems, a provider of fire and life safety services. Financial terms were not disclosed.
The acquisition of Mac Systems is a strategic expansion of Summit's existing fire protection, life safety, and consulting business to the state of Oklahoma. Summit Companies has completed 30 add-on acquisitions under the ownership of CI Capital Partners, a North American private equity investment firm.
"Mac Systems was built on a culture of hard work and excellence, with a customer-first approach. Summit approaches business the same way, and I am confident our customers will continue to receive great service while getting access to more resources and offerings. Our employees will have a great future ahead of them as they join the Summit team," Drake McDannold, Mac Systems President.
Arranta Bio, a contract development and manufacturing organization that focuses on serving companies seeking to develop and commercialize therapies targeting the human microbiome, agreed to acquire Captozyme, a developer of therapeutics using proprietary enzymes. Financial terms were not disclosed.
As part of the transaction, Captozyme has spun out its enzyme therapeutic assets into a newly formed biopharmaceutical company, Oxidien Pharmaceuticals, to continue clinical development under the leadership of Helena Cowley, Captozyme's outgoing CEO.
"Having spent ten years developing processes for clients with over 125 bacteria, including difficult to make organisms, I am delighted that our team will now increase our capacity to serve the microbiome sector as part of Arranta, and we will be able to shepherd clients' products through the clinical phases to commercial with our enhanced capabilities," Aaron Cowley, Captozyme's Founder and CTO.
Thrive International, an organization that supports concrete initiatives and projects in the fields of education, intercultural understanding, and equal rights, agreed to acquire Petunia Pickle Bottom and Moby Wrap, two baby brands. Financial terms were not disclosed.
"We plan to significantly grow and expand the brands domestically and internationally while continuing to build upon the excellent foundation provided by current CEO Yann Boulbain and his executive team which has launched numerous award-winning products distributed in over 20 countries," Ian Schaffer, Thrive International CEO.
EEX Group, which provides market platforms for energy and commodity products, agreed to acquire the commodities business of Nasdaq Futures. Financial terms were not disclosed.
“This is a landmark deal for EEX Group as we continue to follow our global expansion strategy and one which will bring significant benefits for our client base worldwide by creating an even larger liquidity network and offering higher capital efficiencies,” Peter Reitz, EEX CEO.
RetireOne, a platform for fee-based insurance solutions, agreed to acquire EF Legacy Securities broker-dealer from Edelman Financial Engines, which operates as a brokerage firm. Financial terms were not disclosed.
The acquisition expands RetireOne's capabilities to better serve RIAs with additional flexibility and control.
“We’ve worked with many fee-only fiduciaries across the country since we opened our doors eight years ago. We have supported them and their firms through various stages of growth, and we look forward to increasing our capabilities as we evolve to meet their dynamic needs,” Ed Mercier, RetireOne President.
GPA, a Brazilian supermarket chain, completed its acquisition of Cheftime, a Foodtech startup that offers an online subscription service and sells individual gastronomic kits. Financial terms were not disclosed.
The acquisition of Cheftime further strengthens GPA’s position as a pioneer in Brazil’s food retailing industry, combining its commitment to offering its customers unique solutions with the expertise and agility of a food-tech company.
“We are uniting GPA’s desire to accelerate its innovation projects with Cheftime’s aspiration to expand through investments and new customers, leveraged by GPA’s structure. The result is a relationship of mutual gains and true cooperation that will benefit, above all, our customers,” Peter Estermann, GPA CEO.
Mirantis, the open cloud company, agreed to acquire Docker’s Enterprise Platform business, a container platform. Financial terms were not disclosed.
Mirantis and the newly acquired Docker Enterprise team will continue to develop and support the Docker Enterprise platform and add new capabilities that enterprise clients at a zero-touch, as-a-service experience to eliminate the administration, integration and operation burden for customers, Mirantis Kubernetes and related cloud-native technologies, a proven enterprise business model with a strong financial foundation.
“The Mirantis Kubernetes technology joined with the Docker Enterprise Container Platform brings simplicity and choice to enterprises moving to the cloud. Delivered as a service, it’s the easiest and fastest path to the cloud for new and existing applications. The Docker Enterprise employees are among the most talented cloud-native experts in the world and can be immensely proud of what they achieved. We’re very grateful for the opportunity to create an exciting future together and welcome the Docker Enterprise team, customers, partners, and community,” Adrian Ionel, Mirantis Co-Founder, and CEO.
Gasum, an energy company, agreed to acquire AGA’s Clean Energy business and Nauticor’s Marine Bunkering business from Linde AG. Financial terms were not disclosed.
”The acquisition of AGA’s Clean Energy and Nauticor’s Marine Bunkering businesses is an integral part of our growth strategy. The acquisition enables Gasum to supply and to ensure the availability of a competitive, low-emission form of energy to meet the demands of industrial, maritime and road transport customers in the Nordic countries. We are very excited about this transaction which is an important step for our company when building the Nordic gas ecosystem and answering the increasing demand for low-emission energy solutions from customers,” Johanna Lamminen, Gasum CEO.
BNDES looking to sell at least $1.2bn in JBS shares.
Reuters reported that Brazilian development bank BNDES asked banks for proposals to sell a stake worth $1.2bn in JBS, the largest meat processing company in the world. The proposals are expected to be delivered in the coming days.
The development bank’s investment arm BNDESPar has a 21% stake in the company but has asked this week for proposals to sell only part of its stake.
Ironwood Midstream Energy Partners forms a new affiliate with private equity backing. (FS)
Ironwood Midstream Energy Partners, an oil & natural gas company in San Antonio, Texas, announced the formation of Ironwood Midstream Energy Partners II, with support from EnCap Flatrock Midstream.
The company said that Ironwood II is an independent energy company focused on the development of midstream infrastructure for oil and gas producers working in shale plays across North America. It is pursuing greenfield projects and acquisition opportunities, with a focus on opportunities in Texas.
Comstock in talks to buy Chesapeake's Haynesville assets.
Dallas Cowboys owner Jerry Jones’ Comstock Resources, an energy company, is in talks to buy Chesapeake Energy’s Haynesville shale assets in Louisiana, according to a Reuters report. The deal could be worth more than $1bn.
Chesapeake is in dire need for money after its debt ballooned to $9.7bn and the company which once was the second-largest US natural gas producer, warned last week it may not be able to continue as a going concern.
Sunrise Communications said it faces a hit of up to CHF125m ($125m) from its failed bid to buy Liberty Global’s Swiss unit, as the US cable company held out hopes a deal could be revived.
Sunrise’s costs from the failed CHF6.3bn ($6.3bn) deal, halted after opposition from the Swiss telecommunication company’s biggest shareholder, include a CHF50m ($50m) break-up fee to Liberty Global, as well as CHF19m ($19m) in underwriting fees and already-incurred integration costs of CHF24m ($24m).
“We look forward to continuing our conversations with either the board or Freenet about a potential transaction that creates significant value for both sets of shareholders and Swiss consumers,” Liberty Global said in a statement.
Sunrise was advised by UBS, Deutsche Bank, Morgan Stanley, Lenz & Staehelin, Latham & Watkins, Slaughter & May, Nautadutilh, PWC, Deloitte, Meyerlustenberger Lachenal, Finsbury and Morrow Sodali Global. Liberty was advised by Credit Suisse, JP Morgan, Lion Tree Advisors, Shearman & Sterling, Homburger, and Citigate Dewe Rogerson.
Takeaway.com CEO Jitse Groen said he does not plan to improve his company’s £4.3bn ($5.5bn) all-share bid to buy British rival Just Eat, despite a higher cash offer from rival Prosus.
Asked on the sidelines of the Morgan Stanley European Technology, Media & Telecom Conference in Barcelona, whether he planned to raise or sweeten the offer, he said “no.”
On Oct. 22, 2019, Prosus, the international internet assets division of Naspers, made a counter bid to buy Just Eat. The offer was rejected.
Just Eat is advised by Goldman Sachs, UBS, Oakley Advisory, Linklaters, and Brunswick Group. Takeaway is advised by Bank of America Merrill Lynch, Lazard, Cravath Swaine & Moore, De Brauw Blackstone Westbroek, NautaDutilh, and Slaughter & May. Prosus is advised by JP Morgan, Allen & Overy, and Finsbury Hering Schuppener. Investec is providing debt financing to Prosus.
Sumitomo Heavy Industries, an integrated manufacturer of industrial machinery, automatic weaponry, ships, bridges, and steel structure, completed its $123m acquisition of Invertek Drives, a variable frequency drive manufacturer.
Invertek’s technology and production capabilities will allow SHI to extend its product portfolio in the motor control industry which is becoming increasingly important as demand for IoT, automation, labor productivity, and energy-saving technology and applications grows.
Invertek was advised by Aaron & Partners and Whittingham Riddell. SHI was advised by Jones Day, PwC and GCA Altium.
Private equity firm DBAY Advisors offered to acquire a 51% stake in Eddie Stobart Logistics, a British multimodal logistics company, for £55m ($70m).
The haulage business has been at the center of acquisition interest for a number of months, with DBAY first making an approach for the company in September 2019. Subsequently, former Stobart Group boss Andrew Tinkler said he was interested in a bid for the business before walking away weeks after.
Berenberg, Cenkos Securities, Rothschild & Co, King & Spalding, and FTI Consulting are advising Eddie Stobart Logistics.
Chatham Financial, a financial risk management advisory, and technology firm, agreed to acquire JCRA Group, an independent financial risk advisor specializing in hedging and debt advice, from Connection Capital. Financial terms were not disclosed.
“Clients of both firms will benefit from our enhanced ability to manage their exposure to capital market risks and innovate alongside them. Chatham’s expanded European team will continue to deliver best-in-class trade execution while helping clients navigate rapidly evolving markets, from LIBOR replacement to Brexit,” Brian Conly, Chatham
Managing Partner, Global Head of Private Equity & Infrastructure, and Co-Head of Europe.
Greentarget is advising JCRA. Prosek Partners is advising Chatham.
Rostelecom, Russia's long-distance telephony provider, agreed to acquire a stake in Tele2 Russia, a Russian telecommunications company. Financial terms were not disclosed.
"The acquisition of the remaining 55% stake in Tele2 Russia provides us with full control of the most successful and rapidly growing mobile player in Russia. The deal transforms Rostelecom into the largest integrated digital service provider in the country. We are consolidating 100% of Tele2 Russia, predominately on a non-cash basis, at a fair fundamental price and attractive multiple for this type of asset," Mikhail Oseevskiy, Rostelecom President.
Aliter Capital, a private equity firm, completed its acquisition of Sponge, a custom digital learning solutions specialist, coming together with Glasgow-based Bolt Learning to create a significant new force in the learning technology market. Financial terms were not disclosed.
"Bringing Sponge and Bolt together creates a major new player in the digital learning market, which combines powerful learning technologies with creative content development. Our strategy is to build on this foundation to create a broad-based blended learning group underpinned by market-leading learning technologies," Billy Allan, Aliter Managing Partner.
AR Packaging, a packaging company in Lund, Sweden, agreed to acquire K+D, rlc Packaging, and BSC Drukarnia Opakowań, three packaging producers with substantial market presence in the central European market for healthcare and beauty products. Financial terms were not disclosed.
“We are excited to welcome these companies, which are a good fit for our group’s growth strategy. Together with our existing activities, it will put AR Packaging at a top 3 position in Europe in the healthcare, pharma, and beauty segments, served by 11 plants in 6 countries. The customers of K+D and, following completion, rlc will benefit from our Group’s unique product portfolio, including multi-substrate packaging," Harald Schulz, AR Packaging President, and CEO.
Epic Games, which develops video games, agreed to acquire Quixel, a tools and services provider for graphic artists, from GP Bullhound, which operates as a brokerage firm. Financial terms were not disclosed.
“Building photorealistic 3D content is an expensive endeavor in game development and film production. By coming together with Quixel to make Megascans free for all users in Unreal Engine, this level of artistry is now available to everyone from triple-A studios to indies,” Tim Sweeney, Epic Games Founder, and CEO.
PMC Group, which provides chemical products and services, agreed to acquire the Organotin Specialties Business of Lanxess, which manufactures specialty chemicals. Financial terms were not disclosed.
"This acquisition represents PMC's continued commitment to the organotin industry and is in synergy with our current activities in the field of organometallic compounds and catalysts. the company's customer base and all of PMC's customers will benefit greatly from the combination of the technology base and the organometallic company's experience with the global supply chain, technology and manufacturing capabilities of PMC. PMC, as well as the orientation in innovative solutions and technical services in this sector," Mr. Debtosh Chakrabarti, PMC President.
Halder, venture capital and private equity firm, agreed to acquire a stake in Anker Kassensysteme, a POS hardware provider. Financial terms were not disclosed.
Anker wants to expand its product portfolio in order to develop itself into a full-service-provider for the POS. Further, Anker intends to strengthen its European market presence, notably by expanding to Poland, France, Italy, Spain, and the Nordics.
"With Halder, we have a very experienced and entrepreneurial partner at our side who will successfully accompany Anker's further development and sustainable growth. We would like to thank the Anker team for their outstanding performance over the past years, which has contributed significantly to the successful transaction. I am very excited to accompany the further development of Anker together with Halder and our team," Dr. Fabian Schühle, Anker Kassensysteme Managing Director.
BC Partners-backed Advanced, a provider of healthcare, enterprise, and other business solutions and services to the public and private sectors, agreed to acquire CareWorks, which provides cloud-based case management software for health and social care organizations. Financial terms were not disclosed.
The acquisition will boost Advanced’s drive to deliver integrated health and care solutions and support the goals set out in the NHS Long Term Plan to build integrated care systems by 2021.
“Being part of the Advanced family will help to spearhead the delivery of a fully integrated end-to-end health and care platform, with CareWorks an integral component. We jointly recognize the transformative benefits that bringing together health and social care will deliver – as leading software providers to that market we are ready to support the integrated plans. We quickly saw the potential that bringing together our solutions into a single system could provide and see it as an incredible opportunity to make a real difference to people’s lives,” Michael Dolan, CareWorks CEO.
Cornes Chart Group, a chart company, agreed to acquire Global Navigation Solutions, the maritime solutions company that provides digital solutions for real-time navigation, navigation management, voyage optimization, regulatory compliance, ship-to-shore communications, and cybersecurity. financial terms were not disclosed.
“Over the last 4 years, GNS has invested heavily in developing the market-leading suite of digital products for marine navigation, Voyager. GNS’s combination with Cornes will accelerate the development of Voyager and GNS’s other services and will maintain GNS’s strong culture around the safety of life at sea," Paul Stanley, GNS CEO.
Radius Payment Solutions, the group behind the telematics and fuel card brands Kinesis and UK Fuels, agreed to acquire Pure Telecom, a telecommunications company that provides low-cost broadband and phone services to residential and business customers. Financial terms were not disclosed.
“Radius has acquired a highly reputable business in a sector where we see huge potential for an offering to our core customers alongside their fuel card and telematics products. We look forward to working with the team at Pure Telecom to continue building Radius’ successful telecoms division, which currently comprises Adam Phones and echo telecoms,” Bill Holmes, Radius Chief Executive.
Advent International to prepare IPO of Rubix Group. (FS)
Advent International has hired Goldman Sachs and Morgan Stanley to prepare an initial public offering of Rubix Group Holdings, a Cheshire-based distributor of industrial repair kits, that could value it at £2.5bn ($3.2bn). A listing is expected to take place next year.
Morgan Stanley values Aramco IPO with $1tn spread.
Morgan Stanley proposed several valuation models that gave a spread of about $1tn between the most bearish and bullish scenarios for Saudi Aramco's upcoming IPO.
Morgan Stanley isn’t alone in struggling to pinpoint exactly how much Aramco is worth, according to a Bloomberg report. Aramco faces a delicate balance as it seeks to push its IPO valuation as close as possible to Crown Prince Mohammed Bin Salman’s $2tn - a figure that’s been met with skepticism from many professional investors - while making sure it’s attractive to potential Saudi buyers.
Air Liquide confirms its plan to sell Schuelke.
Air Liquide, a French multinational company which supplies industrial gases and services, confirmed its plan to sell its German unit Schuelke. The sale could fetch as much as $1.1bn.
"Being at the very preliminary stage of this process, different scenarios are being reviewed and no assurance can be given that this will result in a divestment," Air Liquide.
JP Morgan is advising on the sale.
Telefonica to support consolidation in the Spanish telecom market.
A top official at Telefonica will support consolidation in Spain’s competitive telecommunications market, where takeover speculation has been rife. The telecoms market in the euro zone’s fourth-largest economy has become ever-more crowded, squeezing profits and prompting British peer Vodafone to propose cutting up to one fifth of its workforce there.
“We would be supportive of consolidation of the Spanish market if that scenario were to take place,” Angel Vila, Telefonica COO.
CVC Capital to close the second Growth Fund with $1.6bn. (FS)
CVC Capital has closed a second Growth Fund with commitments of $1.6bn, that exceeded its $1bn target. Fund II will continue the same investment strategy as its predecessor fund, investing in high-growth, mid-market companies in the software and technology-enabled business services sectors.
"As part of CVC's global network, we enjoy access to a broad and deep pipeline of exciting investment opportunities. The companies we partner with often operate in competitive markets and face significant challenges on their journey to success. That is where we come in; we collaborate with their management teams to help them overcome obstacles to growth, and to successfully execute their strategy so that they can become leaders in their field," John Clark, CVC Capital Managing Partner and Head of the CVC Growth Partners.
EQT raised $660m for the second venture fund. (FS)
Stockholm-based EQT Partners has raised $660m for its second venture fund. Building on the multi-stage, sector-agnostic strategy of EQT Ventures’ inaugural fund, the team will carry on partnering early on with European entrepreneurs and at a later stage with US founders, looking to scale into Europe.
Balderton Capital raises $400m venture capital fund. (FS)
Balderton Capital, a venture capital firm based in London, raised a new $400m fund to continue backing European tech startups at Series A. The fund was oversubscribed having attracted support from investors internationally.
Fried Frank Harris Shriver & Jacobson advised on the fundraising.
Caisse de dépôt et placement du Québec agreed to invest an additional $75m in Azure Power, an independent solar power developer in India. Following the completion of the transaction, which is subject to the approval of Azure Power’s shareholders and other customary closing conditions and expected to occur in December 2019, CDPQ’s equity interest in Azure Power will increase from 41% to 49%.
The capital injection in Azure is part of CDPQ’s efforts to increase its carbon-neutral assets under management to $24bn by 2020.
Yahoo and Line Messaging considers a merger.
Yahoo, otherwise known as Z Holdings, a Japanese internet firm, and Naver, which owns Line, a messaging app operator, are in the final stage of negotiations toward their unit's integration aiming to create an e-commerce giant spanning finance, retail, and other services.
Alibaba to invest more in travel and entertainment after $13.4bn listing.
Reuters reported that Alibaba Group, a Chinese multinational conglomerate, plans to ramp up investment in its online entertainment, content and travel platforms with the proceeds from a planned $13.4bn Hong Kong listing. Alibaba also plans to spend more on developing Youku, which the company says is one of the leading online video platforms in China.
The IPO prospectus did not outline a timetable for the transaction, which is set to be the world's biggest cross-border secondary listing, but reportedly it could start as early as Thursday.
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